HomeMy Public PortalAboutResolution 08-96 Providing Interim Warrants for LID No. 5RESOLUTION NO. 8-96
A RESOLUTION AMENDING SECTION 4 OF RESOLUTION NO. 22-95, ADOPTED ON
SEPTEMBER 28, 1995, AS AMENDED BY RESOLUTION NO. 28-95, ADOPTED ON
DECEMBER 21, 1995, TO PROVIDE THAT INTERIM WARRANTS FOR LOCAL
IMPROVEMENT DISTRICT NO. 5 SHALL MATURE ON SEPTEMBER 1, 1996;
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN EXTENSION
AGREEMENT WITH THE HOLDER OF THE INTERIM WARRANTS; RATIFYING AND
CONFIRMING RESOLUTION NO. 22-95, AS AMENDED; AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City Council (the "Council") of the City of
McCall, Valley County, Idaho (the "City"), by adoption of Ordinance
No. 667 on July 14, 1994, duly created Local Improvement District
No. 5 ("L.I.D. No. 5") for the construction of certain water and
sewer improvements; and
WHEREAS, by adoption of Resolution No. 22-95 on September 28,
1995, the Council authorized the issuance of interim warrants in an
amount not to exceed $225,000 to provide interim financing of the
improvements within L.I.D. No. 5; and
WHEREAS, the Council, following public hearing pursuant to
notice as required by law, duly adopted Ordinance No. 692 on
December 7, 1995, to add to the authorized improvements for L.I.D.
No. 5, and to increase the estimated cost of the project and the
authorized amount of interim warrants for L.I.D. No. 5 to $300,000;
and
WHEREAS, by adoption of Resolution No. 28-95 on December 21,
1995, the Council amended Resolution No. 22-95 to increase the
authorized amount of interim warrants for L.I.D. No. 5 to $300,000;
and
WHEREAS, the Council now desires to amend Resolution No. 22-
95, as amended, to provide that the maturity date for interim
warrants issued for L.I.D. No. 5 shall be extended to September 1,
1996, and the holder of the interim warrants, West One Bank, Idaho,
has consented to such extension.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF McCALL, IDAHO, as follows:
Section 1: Section 4 of Resolution No. 22-95, adopted on
September 28, 1995, which Resolution was amended by Resolution No.
28-95, adopted on December 21, 1995, is hereby amended to read as
follows:
Page 1
SECTION 4: All such Warrants shall be dated as of
the date of delivery to the purchaser thereof, shall
mature on May 31, 1996 September 1, 1996, and shall be
subject to call and redemption without penalty at any
time at the option of the City when the proceeds of local
improvement district bonds for L.I.D. No. 5, or
prepayment of assessments of said local improvement
district, become available. In the event of prior call
and redemption, the City Treasurer shall give notice
thereof by mailing a copy of a Notice of Call and
Redemption by certified mail at least ten (10) days prior
to the call and redemption date to the registered owner
of said Warrants at the address shown on the registration
books of the City. Interest on each Warrant shall cease
to accrue after the date fixed for call and redemption,
provided that funds for the payment and redemption
thereof are available at the time and place specified in
the notice of call and redemption.
Section 2: The Mayor and City Clerk are hereby authorized to
execute, on behalf of the City, an agreement for extension of the
maturity of the Warrants as set forth above.
Section 3: Resolution No. 22-95, as amended by Resolution
No. 28-95 and by this Resolution No. 8-96, is hereby ratified and
confirmed.
Section 4: This Resolution shall take effect upon its passage
and approval.
DATED this 13th day of June, 1996.
City Clerk
Page 2
CITY OF MCCALL
Valley County, Idaho
By v
Mayor